popularity among many homeowners continues to rise. It is the most common form of ownership in most parts of Australia. More than 2.2 million people, about 10% of the population, have used these strata schemes. Other factors contributing to its popularity are;
· Affordable Housing
The Covid 19 pandemic has caused a financial recession and reduced migration. Strata housing provides inexpensive alternatives to owning a home which is expensive to maintain or sell. A small piece of land can be developed into many strata housing. A stand-alone house in the same parcel of land would have been more expensive.
· Adoption of Strata Ownership in Existing Properties
The Conversion of existing single ownership houses to strata titles is mostly done by dividing apartment buildings into smaller units. It will make the home more affordable to most people. The more the number of possible tenants, the broader the property market gets. So, in relation to the land it occupies, it is more affordable to own strata property.
· Population Growth
Australia has a population that continues to grow every year, so there is an increase in demand for the development of new housing units. The increase in population has had many people in need of down-sizing. Strata give you the option to have access to facilities you didn’t have before. There is a host of amenities that are now easily accessible and more affordable. You are also relieved from doing maintenance services and other repairs in your home.
· New Property Developments
Australia is a culture that favours homeownership. However, over the last ten years, the property has gotten more and more expensive. All this has caused an increased demand to downsize into strata housing. That is why strata concept’s adoption in high to medium development is rising in the country.
· The rise in professional strata management companies
A professional property management company will manage a strata complex efficiently. As a result, this has attracted more clients to buy into their services. Strata corporations set their own rules to control neglectful residents at the property. Very soon, Strata companies will be able to keep records in electronic format to allow owners to inspect those records. By-laws cannot be oppressive, unreasonable, unfairly prejudicial to or discriminatory against one or more owners. Gone are the days where you had to hassle with the local government because of development or maintenance issues.
· Favourable Government Policies
Australia has government policies that support and promote building storied properties in existing urban areas. The Strata Property Act governs the administration of these properties. That is why these policies encourage property owners to build high-rise apartment buildings to produce more strata communities. A new bill has been introduced that makes Strata managers be regulated and made more accountable. Owners will have more of a say in how their scheme is managed by allowing voting to occur outside of a meeting, permitting electronic voting, and expressly allowing strata companies to keep records and send notices electronically.
Strata have continued to be popular because of the many advantages mentioned above. On the downside, strata owners require permission to do things like renovation. Moreover, strata must adhere to standard bylaws set; and there are many house rules such as age or pet restrictions. The fees collected by the property management for maintenance can be quite an expense to some people as well. However, they are often cheaper than the amount charged for maintaining freehold properties.